Word: grades
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Dates: during 2000-2009
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...number of banks being put through the system probably will not make the grade. These will have to raise more capital. Since private money is not abundant, the cash will come from the government and that means the U.S. will end up owning significant pieces of the largest banks. It may be able to sell those interests back into the private market at some point in the distant future. The taxpayer could even end up with a profit, but it never works that way. The money gets diverted by a Senator who needs to build a damn in Oregon...
...scale of 1 to 10, with 10 being a bank in perfect condition, Citigroup may end up with a 2 on its stress test. The government will require it to take more taxpayer capital and the firm may then have ample reserves. Wells Fargo (WFC) could achieve a grade of 8 and then not need to take any financial support from the Treasury. Wells Fargo's shareholders then benefit because their shares are not diluted...
Look under the hood of a bond called Jupiter High-Grade CDO V, and you can understand why we're in trouble. Bankers from the 1970s, when mortgage bonds first took off, would hardly recognize Jupiter. Unlike a traditional bond, Jupiter's underwriter does not buy people's mortgages, collect the payments and pass them on to its investors. Instead, Jupiter holds other mortgage bonds--and not just any. Jupiter's investments are made up of the riskiest portions of other bonds, some of which are themselves a collection of other poorly rated mortgage bonds. In a rising real estate...
...know: Harvard has a (not so shitty!) men’s hockey team. I recently found myself at the Beanpot, an annual hockey tournament between Boston College, Boston University, Harvard, and Northeastern. It was probably the closest I’d been to an ice rink since the second grade, when I quit skating after a traumatizing two-week stint with an impatient instructor. We had different philosophies about encouragement. The arena was packed—with BU fans, with BC fans, with Northeastern fans. Representing Harvard? Two small rows of band. I’m not going to call...
...pink slips. Indeed, the storied Jaguar and Land Rover brands that once were a source of Tata Motors pride are increasingly looking like boat anchors. Since the acquisition, Moody's, the investment ratings agency, has twice downgraded Tata Motors' debt rating, which now stands at non-investment grade...